REC Ltd - Mid & Long Term Opportunity

vicky252 Updated   
Date: 15-Feb-2024
Rating: Buy (Mid Term as well as Long Term Opportunity)
LTP: Rs. 483.35
Targets: (1) Rs. 524 --> (2) Rs. 572 +++
SL: Rs. 440

Recently, Indian government has announced “PM Surya Ghar: Muft Bijli Yojana” with Rs 75,000 cr investment with an aim to boost solar power intends to provide up to 300 units of free electricity every month to households which get solar panels installed. Targeting to install rooftop solar panels in one crore households. RECLTD has been designated as the overall program implementation agency for the rooftop solar scheme. RECLTD is expecting to cover at least 10 GW of its 40 GW target of rooftop solar installations by 2026. RECLTD has set a target of increasing its renewable energy loan portfolio to Rs 300,000 crore by 2030.

Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.
Updates: 3-Mar-2024
After touching the high of 524 on 8-Feb-2024, REC has retraced to 424, which is Fib. 0.38 level. On 1-Mar-2024 it has break out from its secondary down trend line within primary uptrend line. RSI has crossed 50 level on 2-Mar-2024 and MACD is very close to cross 0. Looking bullish from here onwards.

Based on the current retracement and breakout, updating the targets.
Targets: (1) Rs. 524 --> (2) Rs. 585 +++
Trade closed: stop reached:
Broke down the minor uptrend line. Closing the call and exiting.

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